Securities Law Updates

Featured Expert Legal Commentary

Amgen Inc. v. Connecticut Retirement Plans & Trust Funds: Supreme Court Sides with Investors in Securities Fraud Class Action

By Josh Lawler of Zuber Lawler & Del Duca

In a 6-3 decision, the Supreme Court recently held that plaintiffs alleging § 10(b) securities fraud do not need to prove the materiality of a defendant’s alleged fraudulent statements and omissions in order to receive class certification, settling a circuit split. In Amgen Inc. v. Connecticut Retirement Plans & Trust… More...

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SEC, FINRA Issue Investor Alert On Pension or Settlement Income Streams

Pension or Settlement Income Streams – What You Need to Know Before Buying or Selling Them  |  SEC No. 2013-86  |  5/9/2013

The Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) have issued an investor alert entitled Pension or Settlement Income Streams – What You Need to Know Before Buying or Selling Them. More...

Traders Charged in Massive Kickback Scheme Involving Venezuelan Official

SEC v. Tomas Alberto Clarke Bethancourt , et al.  |  SEC No. 2013-84, Case No. 13 cv 3074, U.S. District Court for the Southern District of New York  |  5/7/2013

The Securities and Exchange Commission has charged four individuals with ties to a New York City brokerage firm in a scheme involving millions of dollars in illicit bribes paid to a high-ranking Venezuelan finance official to secure the bond trading business of a state-owned Venezuelan bank. More...

SEC Charges Gatekeepers of Two Mutual Fund Trusts for Inaccurate Disclosures about Decisions on Behalf of Shareholders

In the Matter of Northern Lights Fund Trust and the Northern Lights Variable Trust  |  SEC No. 2013-78, File No. 3-15313, Release No. 30502  |  5/2/2013

The Securities and Exchange Commission has charged the gatekeepers of a pair of mutual fund trusts with causing untrue or misleading disclosures about the factors they considered when approving or renewing investment advisory contracts on behalf of shareholders. More...

Investors to Receive Their Entire Investments Back after SEC Halted Scheme Exploiting Immigration Program

SEC v. A Chicago Convention Center, LLC, et al.  |  No. 2013-70, Civil Action No. 13-cv-982, U.S. District Court for the Northern District of Chicago  |  4/19/2013

The Securities and Exchange Commission has announced that investors in a fraudulent investment scheme that offered foreign investors a path to citizenship will get their money back promptly thanks to the SEC’s recent court action. More...

FINRA Fines Merrill Lynch $1 Million and Orders Restitution of More Than $320,000 for Failing to Provide Customers Best Execution in Non-Convertible Preferred Securities Transactions

In re Merrill Lynch, Pierce, Fenner & Smith Incorporated  |  CRD No. 7691, No. 20080145847-01  |  4/16/2013

The Financial Industry Regulatory Authority (FINRA) has fined Merrill Lynch, Pierce, Fenner & Smith Inc. $1.05 million for failing to provide best execution in certain customer transactions involving non-convertible preferred securities executed on one of its proprietary order management systems (ML BondMarket), and for failing to have an adequate supervisory system and written supervisory procedures in place. More...

NFL & NBA Players among 58 Victims of Fraudulent Sales of Promissory Notes by Success Trade Securities

FINRA Department of Enforcement v. Success Trade Securities, Inc.  |  CRD Nos. 2404244 and 46027, Proceeding No.2012034211301  |  4/11/2013

The Financial Industry Regulatory Authority (FINRA) has filed a Temporary Cease-and-Desist Order (TCDO) to halt further fraudulent activities by Washington, D.C.-based Success Trade Securities, Inc. and its CEO & President, Fuad Ahmed, as well as the misuse of investors' funds and assets. More...

California-Based Biotech Giant Amgen to Pay U.S. $24.9 Million to Resolve False Claims Act Allegations

U.S. v. Amgen, et al.  |  DOJ No. 13-438, Civil Action No. 311cv1464-JFA, U.S. District Court for the District of South Carolina  |  4/16/2013

Amgen Inc., a California-based biotechnology company, has agreed to pay the United States $24.9 million to settle allegations that it violated the False Claims Act, the Justice Department announced today. Amgen develops, manufactures, and sells pharmaceutical products, including products sold under the trade name Aranesp. More...

CFTC Provides No-Action Relief from Swap Data Reporting Requirements to Swap Counterparties That Are Not Swap Dealers or Major Swap Participants

Time-Limited No-Action Relief for Swap Counterparties that are not Swap Dealers or Major Swap Participants  |  CFTC Release No. pr6563-13CFTC Letter No. 13-10  |  4/9/2013

The Division of Market Oversight (DMO) of the Commodity Futures Trading Commission (CFTC) has issued a no-action letter providing swap counterparties that are not swap dealers or major swap participants (“non-SD/MSP counterparties”), with certain relief from the reporting requirements of the CFTC’s swap data reporting rules, which are set forth at Parts 43, 45 and 46 of the CFTC’s regulations. More...

FINRA Bars Florida Broker for Unsuitable Recommendations and Unapproved Securities Transactions Involving 31 NFL Players

In re Jeffrey Brett Rubin, Respondent  |  CRD No. 2919082  |  3/7/2013

The Financial Industry Regulatory Authority (FINRA) has barred broker Jeffrey Rubin of Lighthouse Point, Florida, from the securities industry for making unsuitable recommendations to his customer, an NFL player, to invest in illiquid, high-risk securities issued in connection with a now-bankrupt casino in Alabama. More...

Foreign Traders Agree to Pay $3.3 Million to Settle Charges in Nexen Insider Trading Case

Securities and Exchange Commission v. Well Advantage Limited, et al.  |  SEC No. 2013-50, Case No. 1:12cv5786, US District Court for the Southern District of New York  |  3/29/2013

The Securities and Exchange Commission has announced that a Chinese businessman and his wife whose trading accounts were frozen last year as part of a major insider trading case have agreed to settle charges that they loaded up on the securities of Nexen Inc. while in possession of nonpublic information about an impending announcement that the company was being acquired by China-based CNOOC Ltd. More...

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Companies Mentioned

Securities Law

The following companies are mentioned in Securities Law Updates:

Securities and Exchange Commission

Harris Associates, L.P.

Banc of America Securities LLC

Citicorp USA, Inc.

CIBC World Markets Corp.

Citigroup Inc.

Barclays Capital Inc.

Citigroup Global Markets, Inc.

The Public Employees’ Retirement System of Mississippi

Morgan Stanley & Co., Inc.

Jan Charles Finance S.A.

Park East, Inc.

City of Philadelphia Board of Pensions and Retirement

Staples, Inc.

The Bank of New York Company, Inc.

CIBC, Inc.

Citibank, N.A.

Metal Management, Inc.

European Metal Recycling, Ltd.

Salomon Smith Barney Inc. n.k.a. Citigroup Global Markets, Inc.

Calyon Securities (USA), Inc. f.k.a. Credit Lyonnais Securities (USA) Inc.

Calyon New York Branch (successor by operation of law to Credit Lyonnais New York Branch)

Salomon Smith Barney, Inc.

JPMorgan Chase & Co.

Dynex Capital Inc.

Citigroup, Inc.

JPMorgan Securities Inc.

Merit Securities Corp.

Scotia Capital (USA), Inc.,

Teamsters Local 445 Freight Division Pension Fund

Aetna, Inc.

Cowen & Co., LLC f.k.a. SG Cowen Securities Corp.

Societe Generale

SunTrust Bank

TD Securities (USA), Inc.

BMO Nesbitt Burns Corp. n.k.a. Harris Nesbitt Burns Corp.

Buchanan Ingersoll & Rooney Professional Corporation

Consolidated Leasing Hugoton Joint Venture #2

W. R. Huff Asset Management Co., LLC

Consolidated Leasing Anadarko Joint Venture

ABN AMRO Bank N.V.

Guardian Capital Management

Free Enterprise Fund

Banc of America, N.A.

Vesta Insurance Group, Inc.

Beckstead and Watts, LLP

Barclays Bank PLC

Torchmark Corp.

Public Company Accounting Oversight Board

BNY Capital Markets, Inc.

Additional Resources

Securities Law